George R Dinney

Universal Life is not well understood and part of the mystery about it may well be due to a failure in my communication......

   .......Universal Life was developed in 1962 as a generic plan, which means that it subsumes all other life insurance products.

1987 - THE SEARCH FOR NEW FORMS OF LIFE - G. R. Dinney

Resources

1982 - LIFE INSURANCE AS A GAME - G.R. Dinney, The Great-West Life Assurance Co, Society of Actuaries - 30p

1982 - PROGRAMS TO CONSERVE TRADITIONAL LIFE INSURANCE
POLICIES - Society of Actuaries - 18p

1987 - THE SEARCH FOR NEW FORMS OF LIFE - G. R. Dinney

1999 - A Brief History of Universal Life, Douglas C. Doll, Society of Actuaries - 4p

the Flexible Premium nonpar policy has already been challenged by regulatory authorities on the grounds that the difference between the guaranteed premium and the current experience premium is a policy
dividend.


Let us agree on our terms. What I mean by traditional life policies is the life insurance product stereotypes.

A stereotype policy is one which is indivisible and wholly defined, by its terms, at issue. Under this heading I would include the American version of "Universal Life" - what I call Univoisal Life

Univoisal Life has a rigid design structure for ease of compliance with regulatory and tax standards.

On the other hand, "true Universal", based on my original formulation, is modular and completely flexible.


The replacement threat presented by Univoisal Life and, contrarily the value of Univoisal Life in defensive terms, can be measured by comparing the premiums for $100,000 of traditional whole life insurance, age 40, with premiums for the analogous Univoisal Life.

Traditional (average) - $16.50 M
Traditional (best) -15.50 M
Univoisal - 9.50 M


The Law of Requisite Variety appeals to conventional actuaries who devise complicated problems for which they develop equally complicated solutions.

The thesis is diametrically opposed to the concept of "universality", which aims at simplicity of both problem and solution.

1982 - PROGRAMS TO CONSERVE TRADITIONAL LIFE INSURANCE
POLICIES - Society of Actuaries - 18p

WHO CONCEIVED THIS INSTRUMENT? - Universal Life

  • Subject to responsibility being accepted (and documented) by somebody else, we hold that the father is George R. Dinney, and the place of conception Winnipeg, Canada.

1981 - Who Conceived this Instrument? - The Actuary, Society of Actuaries